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Green Securitization, A Legal Structure Currently Unfit for Ecological Transition

Author

Listed:
  • Cornut St-Pierre Pascale

    (Civil Law Section, University of Ottawa, Ottawa, Canada)

  • Gareau-Lindsay Jasmine

    (LL.M. Graduate of the Faculty of Law, University of Ottawa, Ottawa, Canada)

Abstract

Ever since the 2007–2008 financial crisis, the European banking sector and its regulating authorities have been seeking to revive securitization markets in Europe. The most recent attempt in this direction is the inscription of green securitization in the European sustainable finance agenda. Building on Katharina Pistor’s work on the legal coding of capital as well as Eve Chiapello’s work on financialization as a socio-technical process, our proposed contribution focuses on the legal structuring of green securitization. Based on the legal documentation and sustainability frameworks of four recent green securitization deals tied to energy-efficiency home improvements, it critically examines the new kind of financial circuits that is being constructed to channel funds towards projects deemed to create positive impacts on the environment. Our analysis shows that green securitization’s current legal structure fails to properly incorporate sustainability considerations, whether in its contractual terms, financial metrics, or parties involved.

Suggested Citation

  • Cornut St-Pierre Pascale & Gareau-Lindsay Jasmine, 2026. "Green Securitization, A Legal Structure Currently Unfit for Ecological Transition," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 16(2), pages 211-243.
    • Handle: RePEc:bpj:aelcon:v:16:y:2026:i:2:p:211-243:n:1004
    DOI: 10.1515/ael-2024-0003
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    Keywords

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    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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